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EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL | 9 Months Ended
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Sep. 30, 2025
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL |
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL | 17. EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS’ EQUITY AND CAPITAL ​ Earnings per share and shareholders’ equity ​ The following is a summary of the elements used in calculating basic and diluted earnings per share: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
​ | ​ | 2025 | ​ | 2024 | ​ | 2025 | ​ | 2024
​ | ​ | (in thousands, except per share amounts)
Net income |  | $ | 82,416 |  | $ | 100,950 | ​ | ​ | $ | 253,593 | ​ | $ | 289,994
Net income attributable to noncontrolling interests in the Operating Partnership | ​ |  | (396) | ​ |  | (551) | ​ | ​ |  | (1,250) | ​ |  | (1,616)
Net loss attributable to noncontrolling interests in subsidiaries | ​ |  | 910 | ​ |  | 398 | ​ | ​ |  | 2,744 | ​ |  | 910
Net income attributable to the Company's common shareholders | ​ | $ | 82,930 | ​ | $ | 100,797 | ​ | ​ | $ | 255,087 | ​ | $ | 289,288
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average basic shares outstanding | ​ |  | 228,791 | ​ |  | 226,166 | ​ | ​ |  | 228,731 | ​ |  | 225,941
Share options and restricted share units | ​ |  | 504 | ​ |  | 983 | ​ | ​ |  | 506 | ​ |  | 864
Weighted average diluted shares outstanding | ​ |  | 229,295 | ​ |  | 227,149 | ​ | ​ |  | 229,237 | ​ |  | 226,805
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per share attributable to common shareholders | ​ | $ | 0.36 | ​ | $ | 0.45 | ​ | ​ | $ | 1.12 | ​ | $ | 1.28
Diluted earnings per share attributable to common shareholders (1) | ​ | $ | 0.36 | ​ | $ | 0.44 | ​ | ​ | $ | 1.11 | ​ | $ | 1.28
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dividends declared per common share | ​ | $ | 0.52 | ​ | $ | 0.51 | ​ | ​ | $ | 1.56 | ​ | $ | 1.53
​
| (1) | The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per share were 1.4 million for both the three and nine months ended September 30, 2025 and 0.7 million for both the three and nine months ended September 30, 2024.
​ Income allocated to noncontrolling interests of the Operating Partnership has been excluded from the numerator and OP Units owned by third parties have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would be anti-dilutive. Weighted average outstanding OP Units owned by third parties were 1.1 million for both the three and nine months ended September 30, 2025 and 1.2 and 1.3 million for the three and nine months ended September 30, 2024, respectively. ​ Earnings per unit and capital ​ The following is a summary of the elements used in calculating basic and diluted earnings per unit: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
​ | ​ | 2025 | ​ | 2024 | ​ | 2025 | ​ | 2024
​ | ​ | (in thousands, except per unit amounts)
Net income |  | $ | 82,416 |  | $ | 100,950 | ​ | $ | 253,593 | ​ | $ | 289,994
Net loss attributable to noncontrolling interests in subsidiaries | ​ |  | 910 | ​ |  | 398 | ​ |  | 2,744 | ​ |  | 910
Net income attributable to CubeSmart, L.P. | ​ | $ | 83,326 | ​ | $ | 101,348 | ​ | $ | 256,337 | ​ | $ | 290,904
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average basic units outstanding | ​ |  | 229,894 | ​ |  | 227,403 | ​ |  | 229,860 | ​ |  | 227,203
Unit options and restricted share units | ​ |  | 504 | ​ |  | 983 | ​ |  | 506 | ​ |  | 864
Weighted average diluted units outstanding | ​ |  | 230,398 | ​ |  | 228,386 | ​ |  | 230,366 | ​ |  | 228,067
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per unit attributable to CubeSmart, L.P. | ​ | $ | 0.36 | ​ | $ | 0.45 | ​ | $ | 1.12 | ​ | $ | 1.28
Diluted earnings per unit attributable to CubeSmart, L.P. (1) | ​ | $ | 0.36 | ​ | $ | 0.44 | ​ | $ | 1.11 | ​ | $ | 1.28
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dividends declared per common unit | ​ | $ | 0.52 | ​ | $ | 0.51 | ​ | $ | 1.56 | ​ | $ | 1.53
​
| (1) | The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per unit were 1.4 million for the three and nine months ended September 30, 2025 and 0.7 million for both the three and nine months ended September 30, 2024.
​ The OP Units owned by the General Partner and the OP Units owned by third parties have essentially the same economic characteristics as they share equally in the total net income or loss and distributions of the Operating Partnership. OP Units owned by third parties may be redeemed for cash or, at the Company’s option, common shares of CubeSmart on a one-for-one basis. The following is a summary of OP Units outstanding: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | As of September 30,
​ | ​ | ​ | 2025 | ​ | 2024
Outstanding OP Units owned by third parties |  | ​ | 1,103,240 | ​ | 1,232,205
Outstanding OP Units owned by the General Partner | ​ | ​ | 228,035,275 | ​ | 226,002,624
​ | ​ | ​ | ​ | ​ | ​
​

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